Table of Contents
New Mixed-use Residential Complex in Yeonsan-dong by GS Construction / Approval of Construction Plan for Xi Gallery Mixed-use Residential Complex
- Location, site plan, overview, and project plan at 1123-1 Yeonsan-dong, Yeonje-gu
The Yeonje-gu district has approved a mixed-use residential building project on the Xi Gallery site at 1123-1 Yeonsan-dong. The project is led by GS Construction, with a site area of 9,329.8㎡. The building will consist of 4 basement levels and 43 stories above ground, divided into 3 blocks, providing a total of 499 households. Additionally, community facilities, office facilities, and ancillary welfare facilities will be included. The project is scheduled to commence on May 29, 2026, and continue until June 28, 2030.
The area is identified as including the previous Yeonsan automobile (New Yeonsan) used car trading zone. The address matches '1123-1 Yeonsan-dong, Yeonje-gu,' and the same lot number was recorded in the 'Yeonsan Station 1 Semi-Residential Mixed Zone Plan' announced in June 2023. This indicates that high-density mixed-use development has already been planned at the urban management planning stage.
The planned site for the GS Xi mixed-use complex in Yeonsan-dong boasts excellent transportation. With two nearby stations, Yeonsan Station and Gyodae Station, access to the urban railway network is very convenient, within a 5-10 minute walk.
Furthermore, as it is adjacent to the central commercial district, there is a high potential for it to develop into a mixed complex that harmoniously combines residential, commercial, and office spaces. Such factors are expected to lead to an increase in the area's value in the future.
Examining the school assignment conditions, the designated school is Yeonje Elementary School, located approximately 10 minutes away across the main road. However, there is little possibility of forming a strong school district with surrounding complexes, which is evaluated as a limitation in terms of educational infrastructure.
Looking at the surrounding market price, the prices of the Goje Central Xi (completed in 2018) with exclusive areas of 79-85㎡ are trading between 600 million to 680 million won. The initial market price for Yeonsan Haneulchae El Centro (expected to move in 2025) is set at 500 million to 600 million won. Additionally, in the case of E-Pyeonhan Sesang Yeonsan The First (near Yeonsan Station), the price range for 59-84㎡ is between 450 million to 700 million won. Based on this information, it seems that the premium for new constructions in the double station area of Yeonsan Station will be somewhat reflected.
If GS Construction introduces the premium and high-end mixed-use model of the 'Xi' brand, there is concern that the sale prices may be set excessively high compared to nearby complexes. This could play a significant role in the market in the future.
This project is being conducted in a key station area where the district unit plan has been completed. It involves a large-scale development that includes 499 units of mixed-use facilities under the 'Xi' brand of GS Construction. This area is advantageous for multi-railway transfers and has the qualities of a mixed complex that combines residential, commercial, and office facilities along with the urban commercial and office infrastructure. However, in terms of future feasibility, sale prices, unit configurations, and the proportion of commercial facilities are expected to play significant roles.
Notice No. 2025 - 76 by Yeonje-gu, Busan
Approval of Housing Construction Project Plan
The application for the housing construction project plan regarding '1123-1 Yeonsan-dong, Yeonje-gu, Busan' has been approved in accordance with Article 15 of the 'Housing Act,' and in accordance with Article 15, Paragraph 6 of the same law, it is hereby notified as follows. Relevant documents are available for public viewing at the Yeonje-gu Office (Building Department) in Busan.
September 24, 2025
Mayor of Yeonje-gu, Busan
1. Project Name
: Construction of Xi Gallery Mixed-use Complex in Yeonsan-dong
2. Project Subject
a. Name : Heo Yoon-hong, CEO of GS Construction
b. Address : 33 Jongno, Jongno-gu, Seoul (Cheongjin-dong, Grand Seoul)
3. Project Location and Scale
a. Location : 1123-1 Yeonsan-dong, Yeonje-gu, Busan
b. Site Area : 9,329.8㎡
c. Building Area : 4,559.2508㎡
d. Total Floor Area : 89,978.9024㎡
e. Scale : 4 basement levels ~ 43 stories above ground, 3 buildings, 499 units
f. Use : Multi-family housing, ancillary facilities, community living facilities, office facilities
4. Project Execution Period
: From May 29, 2026, to June 28, 2030.
5. Matters deemed addressed according to Article 19, Paragraph 1 of the 'Housing Act'
a. Building permits in accordance with Article 11 of the 'Building Act'
※ The relevant notifications, approvals, etc. established by individual laws are considered addressed by this housing construction project plan approval per Article 19, Paragraph 1 of the 'Housing Act.'
b. Designation of the urban and military planning facilities project executor under Article 86 of the 'National Land Planning and Utilization Act' and the approval of the implementation plan under Article 88 of the same law
6. Relevant Documents: Omitted (same as materials available at the location). End.
Category
Notice
Agency Classification
District/Municipality
Agency
Yeonje-gu
Notice/Announcement Number
2025-76
Title
Approval of Housing Construction Project Plan
Date
October 1, 2025
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Frequently Asked Questions (FAQ)
Q. What is the location and scale of the Yeonsan-dong Xi mixed-use residential construction project?
It is located at 1123-1 Yeonsan-dong, and consists of 4 basement levels to 43 stories above ground, with 3 buildings and a total of 499 units.
This project is conducted on the Xi Gallery site located at 1123-1 Yeonsan-dong, Yeonje-gu, Busan. The site area is approximately 9,329.8㎡, and the building will consist of 4 basement levels to 43 stories above ground. It will be divided into 3 buildings and include a total of 499 units. The complex will also incorporate community facilities, office facilities, and ancillary welfare facilities.
Q. What is the transportation and site environment of this mixed-use complex like?
It is very accessible within 5-10 minutes on foot from the two nearby stations, Yeonsan Station and Gyodae Station.
The Yeonsan-dong Xi mixed-use complex boasts an excellent location that allows for easy access to the urban railway network. Both Yeonsan Station and Gyodae Station are located within a 5-10 minute walk, providing convenient transportation options, and it is adjacent to the central commercial area, indicating a high potential for developing into a mixed-use complex that integrates residential, commercial, and office facilities. This raises expectations for the increase in the area's value.
Q. What is the schedule related to the approval of the housing construction project?
The project will take place from May 29, 2026, to June 28, 2030.
The housing construction project is expected to start on May 29, 2026, and continue until June 28, 2030, lasting for about 4 years. The executing entity of the project is GS Construction, and the approval was announced by the mayor of Yeonje-gu, Busan in accordance with the Housing Act. The relevant building permits and urban planning approvals are processed as deemed addressed by this housing construction project plan approval.
Q. What is the educational environment like in the vicinity of this complex?
Yeonje Elementary School is about 10 minutes away, but there are limitations in forming a strong school district.
In terms of commuting conditions, the assigned school is Yeonje Elementary School, located about 10 minutes away across the main road. However, strong school districts are difficult to form in the area, which is evaluated as somewhat limited in terms of educational infrastructure. This is a factor that future residents may consider regarding their educational choices.
Q. What concerns exist regarding the expected sale price and marketability of the Yeonsan-dong Xi mixed-use complex?
There are concerns that the sales price may be set excessively high due to the premium brand Xi.
There are concerns that if GS Construction introduces the premium and high-end mixed-use model of the 'Xi' brand, the sale prices may be set relatively high compared to the nearby complexes. While there is a new construction premium considering the surrounding market prices, extreme increases in sale prices may diminish competitiveness in the market. Therefore, the sale prices, unit configurations, and arrangement of commercial facilities are expected to be important variables for the project's viability.
